Proactiveinvestors Australia Ausmex Mining Group Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Ausmex Mining Group Ltd RSS feed en Tue, 23 Jul 2019 02:16:00 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Ausmex Mining continues to advance along Golden Mile at Mt Freda ]]> https://www.proactiveinvestors.com.au/companies/news/223710/ausmex-mining-continues-to-advance-along-golden-mile-at-mt-freda-223710.html Ausmex Mining Group Ltd (ASX:AMG) has defined more high-grade gold mineralisation at the Golden Mile target within the Mt Freda Complex near Cloncurry, Queensland, including a 100-metre strike length extension to the Comstock Mine.

The Golden Mile consists of eight parallel north-south striking historical gold mines across a 2-kilometre-wide zone with a combined total strike length of more than 8 kilometres.

The company will continue to dedicate RC and diamond core drilling rigs to both the Golden Mile and Mt Freda mines with the aim of defining a large mineral estimate potentially amenable to a large open cut, bulk mining operation.

READ: Ausmex Mining Group intersects further copper, gold and cobalt at Evening Star

Latest results from the Falcon, Shamrock and Comstock mines include:

25 metres at 4.9 g/t gold from 23 metres, including 7 metres at 13 g/t with 4 metres at 17.68 g/t; 16 metres at 3.57 g/t from 21 metres with 9 metres at 5.7 g/t; and 7 metres at 3.29 g/t from 34 metres including 1-metre at 15.24 g/t.

The Golden Mile is a joint venture (JV) with Ausmex (80%) and Round Oak Minerals Pty Ltd (20%).

Under the JV agreement Ausmex has an option to process all gold ore won from Golden Mile at Round Oaks 600,000 tonnes per annum processing plant.

Ausmex has an active drilling program underway at Mt Freda, including the Golden Mile and the deeper IOCG traget.

READ: Ausmex Mining assays up to 23.5 g/t gold in latest drill results

The company intersected copper, gold and cobalt in a third drill hole within the Evening Star Project in Queensland earlier this week.

The latest drill hole intersected 51 metres at 1.21% copper, 0.7 g/t gold and 295ppm cobalt with an additional 4.5 metre of assays outstanding.

At Drillers Hut, about 500 metres to the east of the Evening Star drill hole, Ausmex previously discovered a 12-metre wide sub-surface quartz outcrop that returned 12, 1-metre sample assays up to 32.7% copper and 33.4 g/t gold.

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Thu, 11 Jul 2019 14:47:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223710/ausmex-mining-continues-to-advance-along-golden-mile-at-mt-freda-223710.html
<![CDATA[News - Ausmex Mining Group intersects further copper, gold and cobalt at Evening Star ]]> https://www.proactiveinvestors.com.au/companies/news/223461/ausmex-mining-group-intersects-further-copper-gold-and-cobalt-at-evening-star-223461.html Ausmex Mining Group Ltd (ASX:AMG) has intersected further copper, gold and cobalt in a third drill hole along more than 1,500 metres of strike length of an iron-oxide copper gold (IOCG) target within the Evening Star project in Queensland.

The latest hole intersected 51 metres at 1.21% copper, 0.7 g/t gold and 295ppm cobalt from 0 metres with an additional 4.5 metre of assays outstanding.

Other notable intersections along the target include:

A combined 67 metres at 1.33% copper and 0.47 g/t gold; and 29 metres at 0.90% copper and 0.35 g/t from 59.5 metres.

The IOCG target was previously identified as a conductive structure but was recently described by Emeritus Professor Ken Collerson as a “potential porphyry”.

READ: Ausmex Mining assays up to 23.5 g/t gold in latest drill results

At Drillers Hut, about 500 metres to the east from the Evening Star drill hole, Ausmex previously discovered a 12-metre wide sub-surface quartz outcrop that returned 12, 1-metre sample assays up to 32.7% copper and 33.4 g/t gold.

Several shallow holes RC drill holes also intersected high grade copper, gold and cobalt.

A deep diamond core drill hole will be drilled into this area, which is also within the strike zone of the IOCG target.

Drilling is also continuing at the Mt Freda Complex and the Golden Mile with the company continuing to focus on defining a large mineral estimate suitable for a high-grade gold bulk mining operation.

READ: Ausmex Mining Group sources additional rigs to fast-track Mt Freda Complex drilling

Results from further shallow gold drilling are expected shortly.

The Golden Mile prospect is a JV between Round Oak Minerals Pty Ltd and Ausmex (80%).

Under the JV agreement, Ausmex has an option to process all of the gold ore won from Golden Mile at Round Oak's 600,000 tonnes per annum processing plant in Cloncurry.

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Mon, 08 Jul 2019 14:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223461/ausmex-mining-group-intersects-further-copper-gold-and-cobalt-at-evening-star-223461.html
<![CDATA[News - Ausmex Mining assays up to 23.5 g/t gold in latest drill results ]]> https://www.proactiveinvestors.com.au/companies/news/223093/ausmex-mining-assays-up-to-235-gt-gold-in-latest-drill-results-223093.html Ausmex Mining Group Ltd (ASX:AMG) has received additional assay results from its 15,000-metre drilling program underway at the Mt Freda Complex in Cloncurry, Queensland.

Both reverse circulation (RC) and diamond drill rigs are currently on site targeting high-grade gold extensions to the historical resource.

RC results from the Shamrock Prospect include 5 metres at 8.0 g/t from 25 metres, 5 metres at 9.0 g/t from 27 metres and also 7 metres at 10.5 g/t gold from 23 metres was drilled at Falcon.

Shamrock and Falcon are both historical open pits in the Golden Mile area within Mt Freda.

Ausmex aims to define further high-grade gold resources and review the potential to recommence mining at Mt Freda. 

Diamond drilling continues to support IOCG porphyry system presence

Diamond drilling continues to follow up the November 2018 intersection of 67 metres at 1.33% copper and 0.47 g/t gold.

Drilling is targeting an iron-oxide copper-gold (IOCG) porphyry system at depth.

Notably, diamond drilling has discovered a mineralised Tuffisite Pipe stemming from a potential large porphyry source.

READ: Ausmex Mining managing director buys shares

Last week Ausmex’s managing director Matt Morgan acquired 250,000 shares in the company for $30,000.

The purchase increases his overall holdings in the company to 24.8 million shares.

Proactive caught up with Ausmex in May 2019 when it commenced drilling at Mt Freda.

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Mon, 01 Jul 2019 12:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223093/ausmex-mining-assays-up-to-235-gt-gold-in-latest-drill-results-223093.html
<![CDATA[News - Ausmex Mining managing director stands alongside shareholders and buys stock ]]> https://www.proactiveinvestors.com.au/companies/news/222994/ausmex-mining-managing-director-stands-alongside-shareholders-and-buys-stock-222994.html Ausmex Mining Group Ltd (ASX:AMG) managing director Matt Morgan has acquired 250,000 shares in the company for $30,000.

The purchase increases his overall holdings in the company to 24.8 million shares.

Morgan’s purchase was part of the April 2019 placement but as a director he required approval from shareholders which was given at the recent general meeting.

READ: Ausmex in trading halt ahead of exploration results

Ausmex shares are currently in a trading halt pending the release of information regarding exploration results.

In May 2019, the company sourced additional drill rigs to fast-track a 15,000-metre drilling program at the Mt Freda Complex near Cloncurry, Queensland.

The program is targeting high-grade gold, copper, cobalt and massive sulphides indicative of iron-oxide-copper-gold style (IOCG) mineralisation.

Ausmex has assigned five drill rigs to several prospects including large IOCG targets.

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Fri, 28 Jun 2019 09:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222994/ausmex-mining-managing-director-stands-alongside-shareholders-and-buys-stock-222994.html
<![CDATA[News - Ausmex in trading halt ahead of exploration results ]]> https://www.proactiveinvestors.com.au/companies/news/222902/ausmex-in-trading-halt-ahead-of-exploration-results-222902.html Ausmex Mining Group Ltd (ASX:AMG) has a material announcement pending in relation to exploration results and has been granted a trading halt by the ASX.

The trading halt will be in place until Monday, July 1, or when an announcement is released to market, whichever occurs earliest.

Shares were up 15% today to 11.5 cents before the halt was granted.

READ: Ausmex Mining Group sources additional rigs to fast track Mt Freda drilling

In May, the company sourced additional drill rigs to fast track a 15,000-metre drilling program at the Mt Freda Complex near Cloncurry, Queensland.

The program is targeting high-grade gold, copper, cobalt and massive sulphides indicative of iron-oxide-copper-gold style (IOCG) mineralisation.

Ausmex has assigned five drill rigs to several prospects including large IOCG targets.

 

The company aims to define JORC-compliant resources over the Mt Freda Complex, Evening Star and Golden Mile deposits, including historical high-grade prospects with more than 8 kilometres of outcropping mineralisation.

Ausmex also recently appointed Kieren Whittock as exploration manager, tasked with the role of supervising and managing the extensive drilling program.

 

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Thu, 27 Jun 2019 15:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222902/ausmex-in-trading-halt-ahead-of-exploration-results-222902.html
<![CDATA[News - Ausmex Mining Group sources additional rigs to fast-track Mt Freda Complex drilling ]]> https://www.proactiveinvestors.com.au/companies/news/220898/ausmex-mining-group-sources-additional-rigs-to-fast-track-mt-freda-complex-drilling-220898.html Ausmex Mining Group Ltd (ASX:AMG) has sourced additional drill rigs to fast track the 15,000-metre drilling program at the Mt Freda Complex in Cloncurry, Queensland.

The program is targeting both high-grade gold, copper, cobalt and massive sulphides indicative of iron-oxide-copper-gold style (IOCG) mineralisation.

READ: Ausmex Mining Group begins drilling IOCG and high-grade targets to define JORC resources at Mt Freda

With up to five drilling rigs drilling at any one time, the company expects to deliver consistent updates on its progress with assay results expected before the end of June.

Ausmex geologists logging reverse circulation (RC) drilling chips from the Golden Mile

 

Ausmex has assigned five drill rigs to several prospects including:

Large IOCG targets – three diamond rights are targeting three areas of potential IOCG or iron-sulphide-copper-gold (ISCG) mineralisation recently identified by 3D geophysical modelling.

High-grade gold JORC resource definition – a fourth RC rig has been assigned to define a JORC high-grade mineral resource on the gold mile with a fifth rig assigned to drill a JORC resource on the Mt Freda orebody

High-grade gold metallurgical test work and geotechnical drilling – a sixth rig is in transit to conduct HQ core drilling at both the Mt Freda Complex and Golden Mile high-grade gold projects.

The core will provide suitable samples for metallurgical test work required by any potential third-party ore processing facilities.

The Golden Mile is under a JV (80% Ausmex: 20% Round Oak Minerals Limited) with an option for Ausmex to process all ore at the Round Oak Minerals 600,000 tonne per annum carbon-in-pulp ore processing facility in Cloncurry.

RC drilling is progressing rapidly at the Golden Mile with over 900 metres of drilling completed and samples dispatched to ALS laboratories with assays due in four weeks’ time.

 

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Fri, 24 May 2019 14:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220898/ausmex-mining-group-sources-additional-rigs-to-fast-track-mt-freda-complex-drilling-220898.html
<![CDATA[Media files - Ausmex Mining Group begins drilling for massive sulphides at Mt Freda in QLD ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13312/ausmex-mining-group-begins-drilling-for-massive-sulphides-at-mt-freda-in-qld-13312.html Sun, 12 May 2019 20:38:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13312/ausmex-mining-group-begins-drilling-for-massive-sulphides-at-mt-freda-in-qld-13312.html <![CDATA[News - Ausmex Mining Group begins drilling IOCG and high-grade targets to define JORC resources at Mt Freda in QLD ]]> https://www.proactiveinvestors.com.au/companies/news/219835/ausmex-mining-group-begins-drilling-iocg-and-high-grade-targets-to-define-jorc-resources-at-mt-freda-in-qld-219835.html Ausmex Mining Group Ltd (ASX:AMG) has begun a 15,000-metre drilling program at the Mt Freda Complex in Cloncurry Queensland, targeting high-grade gold, copper, cobalt and massive sulphides indicative of iron-oxide-copper-gold (IOCG) mineralisation.

The company is aiming to define JORC-compliant resources over Mt Freda, Evening Star and Golden Mile including 8 historical high-grade gold prospects with more than 8 kilometres of outcropping mineralisation.

Ausmex also recently appointed Kieren Whittock as exploration manager, tasked with the role of supervising and managing the extensive drilling program.

Stage I drilling location plan targets

  READ: Ausmex Mining to direct $7 million cash injection to Queensland-focused exploration

Whittock said: “I am extremely excited to be involved with Ausmex and to lead the Queensland discovery team.

“Ausmex currently hold an exciting tenement package at Cloncurry and I look forward to delivering positive results for Ausmex shareholders through high-quality, targeted exploration.”

Whittock was previously responsible for on-site exploration at the Hastings Technology Metals Yangibana REE Project, where he supervised 80,000 metres of exploration drilling over 5 years.

The program defined a 22-million-tonne JORC resource which advanced the project through grassroots exploration to development.

Diamond drilling rig 1 has begun drilling

  READ: Ausmex to begin drillingat Mt Freda Complex in Queensland targeting IOCG style mineralisation

The program will begin on the northern end of the conductor targeting IOCG mineralisation via scissor holes progressing south as it plunges towards Newcrest Mining’s (ASX:NCM) drilling targets south of the Mt Freda mine.

Newcrest has also begun drilling a tier-one IOCG target adjacent to the Mt Freda Complex, with the anomaly continuing into Ausmex’s tenements under a recently established farm-in agreement with Exco Resources Limited. 

The company has located drill pads within about 400 metres of Ausmex’s tenure and planned drill hole locations.

Drill pads at Evening Star 

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Wed, 08 May 2019 12:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219835/ausmex-mining-group-begins-drilling-iocg-and-high-grade-targets-to-define-jorc-resources-at-mt-freda-in-qld-219835.html
<![CDATA[News - Ausmex Mining to direct $7 million cash injection to Queensland-focused exploration ]]> https://www.proactiveinvestors.com.au/companies/news/219417/ausmex-mining-to-direct-7-million-cash-injection-to-queensland-focused-exploration-219417.html Ausmex Mining Group Ltd (ASX:AMG) specialises in minerals exploration in Australia’s east. The Sydney company is focused on exploring two world-class mining provinces in the east of Australia that house T1 assets - Queensland’s Mt Freda complex, near Mt Isa inlier; and a South Australia G2 structural corridor that extends to Adelaide near Ausmex’s Burra project.

Ausmex is run by Matt Morgan, a managing director who has more than 25 years' experience in mining, exploration and mine management. Moran has worked in underground and open cut environments for BHP Group Ltd (ASX:BHP) (LON:BHP) (NYSE:BHP), Rio Tinto plc (LON:RIO) (ASX:RIO) (NYSE:RIO), Idemitsu Kosan Co, Ltd (TYO:5019), Glencore PLC (LON:GLEN) subsidiary Xstrata plc and Whitehaven Coal Ltd (ASX:WHC) buy-up Coalworks Limited. He was previously a director at Gold Mountain Ltd (ASX:GMN).

What does Ausmex Mining Group own?

The key assets are in Queensland’s Cloncurry area and South Australia’s Burra region.

Ausmex’s Cloncurry ground on Mt Freda complex near Mt Isa inlier is found near a number of large copper-gold deposits.

These are the 354 million tonne Mt Elliot deposit grading 0.6% copper and 0.35 g/t gold; the 166 million tonne Ernest Henry deposit which grades 1.1% copper and 0.54 g/t gold; and the 56.7 million tonne Rocklands deposit grading 0.64% copper, 294ppm cobalt and 0.15% gold.

Ausmex’s Armada Capital & Equities Pty Ltd and CPS Capital Group Pty Ltd-led $7 million oversubscribed placement at current price levels was designed to help fund Mt Freda complex exploration where a massive 2,000-metre-long conductive structure was identified at Golden Mile Gold Project southeast of the town of Cloncurry.

Other Ausmex projects in Queensland are Trump and Evening Star.

The company’s exploration efforts will target IOCG-style mineralisation, with a 2D modelling study reported on earlier this week showing a strong response below its first target Mullaby prospect from about 400 metres below surface, spanning about 8 kilometres wide.

Mullaby prospect had been looked at by MIM Exploration Ltd in the 1990s but drill testing had not fully tested the conductive anomaly which was only drilled to a 204-metre depth.

3D modelling is set to take place for the Queensland ground, with the company’s drilling program to encompass 10,000-metres of reverse circulation and diamond drilling of its conductive structure to depths of 250-650 metres.

In South Australia, the G2 structural corridor that hosts Ausmex’s Burra project is also home to high-profile South Australian operations and deposits such as BHP’s Olympic Dam and IOCG discoveries and OZ Minerals Limited’s (ASX:OZL) (FRA:OXR) (OTCMKTS:OZMLF) Prominent Hill.

Ausmex’s Burra project on the corridor near the historical mining centre of the same name features 3 million tonnes grading 1.7% copper.

The corridor travels northwest up to Olympic Dam and beyond and features: Burra project; the 337 million tonne Hillside deposit grading 0.6% copper and 0.14 g/t gold; the 587 million tonne Carapeteena deposit grading 0.7% copper, 0.3 g/t gold and 2.9 g/t silver; the 10.1 billion tonne Olympic Dam deposit grading 0.78% copper, 0.33 g/t gold, 1 g/t silver and 0.25 kilograms per tonne uranium; and the 186 million tonne Prominent Hill deposit grading 1.1% copper and 0.7 g/t gold.

Inflection points

In-field exploration successes at Golden Mile Gold Project and in Queensland’s Cloncurry area

Copper-gold resource definition for Cloncurry-Golden Mile assets on Mt Freda complex near Mt Isa

Exploration and resource upgrade for South Australian Burra project on IOCG Olympic Dam-G2 corridor

Financing and feasibility study milestones

Significant transactions and project acquisitions and divestments

Ausmex managing director Matt Morgan highlights prospectivity of ground

“The latest AMT survey results have indicated that the Burra tenement suite held by Ausmex has the potential to host multiple, large-scale, Tier 1 conductive drilling targets,” Ausmex managing director Matt Morgan told the market on Monday.

“To have large-scale conductive bodies located below known surface mineralisation supports the current interpretation that the area has the potential to host significant sulphide mineralisation.

“(Ausmex) can offer shareholders exposure to two world-class mining provinces including Cloncurry, Qld, and Burra, SA, that host significant Tier 1 IOCG targets.

“With drilling due to commence within days at Cloncurry targeting large IOCG massive sulphide mineralisation, combined with the outstanding Burra AMT survey results, the next three months may prove incredibly exciting for Ausmex shareholders.”

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Wed, 01 May 2019 07:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219417/ausmex-mining-to-direct-7-million-cash-injection-to-queensland-focused-exploration-219417.html
<![CDATA[News - Ausmex confirms potential for Burra project to host multiple tier 1 drilling targets ]]> https://www.proactiveinvestors.com.au/companies/news/219218/ausmex-confirms-potential-for-burra-project-to-host-multiple-tier-1-drilling-targets-219218.html Ausmex Mining Group Ltd (ASX:AMG) has received compelling results from audio-magnetotellurics (AMT) 2D inversion modelling over Target 1 at its Burra project in South Australia.

The company has identified a strong response at the Mullaby prospect commencing from about 400 metres depth below surface and spanning about 8 kilometres width.

In the late 1990s MIM Exploration Ltd (MIM) had drill tested Mullaby to a depth of 204 metres, failing to effectively test the conductive anomaly.

Cross sections showing large conductive bodies with plumes coming to surface under known mineralisation

The AMT modelling has also confirmed a large shallow conductive anomaly about 400 metres beneath the historic Princess Royal copper-gold deposit.

Ausmex managing direct Matt Morgan said: “The current AMT survey results are simply outstanding!

“The latest AMT survey results have indicated that the Burra tenement suite held by Ausmex has the potential to host multiple, large-scale, Tier 1 conductive drilling targets.

“To have large scale conductive bodies located below known surface mineralisation supports the current interpretation that the area has the potential to host significant sulphide mineralisation.

“It is incredible that the AMT survey has identified a large “vertical mafic plug” below the previously identified Mullaby prospect.

READ: Ausmex Mining Group’s Burra project holds potential for world-class IOCG deposit according to AusLAMP study

“MIM identified the Mullaby project in the late 1990s yet conducted limited shallow drilling.

“It now looks as though MIM pulled up approximately 200 metres short of the large target, leaving a wonderful opportunity for Ausmex shareholders.

“I am not aware of any other ASX listed junior explorer that can offer shareholders exposure to two world-class mining provinces including Cloncurry, Qld, and Burra, SA, that host significant Tier 1 IOCG targets.

READ: Ausmex to begin drilling at Mt Freda Complex in Queensland targeting IOCG style mineralisation

“With drilling due to commence within days at Cloncurry targeting large IOCG massive sulphide mineralisation, combined with the outstanding Burra AMT survey results, the next three months may prove incredibly exciting for Ausmex shareholders”.

Additional modelling and interpretation

Based on the positive results indicated by these 2D inversion models, Ausmex will proceed with completing AMT modelling over the remaining priority targets starting with Target 2 in late May.

Planning is underway to best refine the conductive exploration targets identified to date with Mullaby  and  Princess  Royal  conductive  anomalies  priorities  at  this  stage.

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Mon, 29 Apr 2019 14:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219218/ausmex-confirms-potential-for-burra-project-to-host-multiple-tier-1-drilling-targets-219218.html
<![CDATA[News - Ausmex to begin drilling at Mt Freda Complex in Queensland targeting IOCG style mineralisation ]]> https://www.proactiveinvestors.com.au/companies/news/217932/ausmex-to-begin-drilling-at-mt-freda-complex-in-queensland-targeting-iocg-style-mineralisation-217932.html Ausmex Mining Group Ltd (ASX:AMG) has designed a stage I 15,000 metre reverse circulation and diamond drilling program targeting the high-grade gold-copper-cobalt and rare earth mineralisation at the Mt Freda Complex near Cloncurry in Queensland.  

The program will begin on the northern end of the conductor targeting 200-metre deep iron oxide copper-gold ore (IOCG) style mineralisation via scissor holes progressing south as it plunges towards Newcrest Mining’s drilling targets south of the Mt Freda mine.

Drilling will also focus on shallow, high-grade gold mineralisation at Golden Mile prospect over known oxide mineralisation targets.

READ: Ausmex raises $7 million in oversubscribed placement for exploration at Mt Freda Complex   

Ausmex recently raised $7 million in a placement for exploration activities at the project, including an extensive drilling campaign at the Tier 1 IOCG target.

The company is also conducting a stage II 3D modelling program designed to review the potential that the conductive structure may continue further south and additional 1,500 metres to the Evening Star region.

This is around 800 metres north of Newcrest Mining's ‘Canteen’ deep IOCG drilling which was completed in August 2018.

GeoDiscovery has been engaged to conduct additional geophysical processing and 3D modelling based on various geophysical data sets, including a heliSAM survey, detailed regional magnetic data and a VTEM survey.

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Thu, 04 Apr 2019 17:13:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217932/ausmex-to-begin-drilling-at-mt-freda-complex-in-queensland-targeting-iocg-style-mineralisation-217932.html
<![CDATA[News - Ausmex raises $7 million in oversubscribed placement for exploration at Mt Freda Complex ]]> https://www.proactiveinvestors.com.au/companies/news/217706/ausmex-raises-7-million-in-oversubscribed-placement-for-exploration-at-mt-freda-complex-217706.html Ausmex Mining Group Ltd (ASX:AMG) has received strong support from existing and new institutional and sophisticated investors in a $7 million placement.

The company has received commitments for the over-subscribed placement comprising more than 58 million shares at a price of 12 cents per share.

Funds raised will be used for exploration activities including an extensive drilling campaign at the company’s Tier 1 iron oxide copper gold (IOCG) target within the Mt Freda Complex near Cloncurry in Queensland.

It is expected that almost 35 million shares will be allotted under listing rule 7.1 with the remainder to be allotted under listing rule 7.1A.

New shareholders welcomed

Ausmex managing director Matt Morgan said: “The company thanks its existing shareholders for their ongoing support and welcomes a number of new institutional and sophisticated shareholders onto the company’s register.

“AMG is now well positioned to advance its exploration activities and we look forward to updating the market on our progress.”

Settlement is expected to occur on April 5, 2019, with new shares to rank equally with the existing fully paid ordinary shares.

Subject to shareholder approval, the placement includes 250,000 shares to the managing director.

Armada Capital & Equities Pty Ltd and CPS Capital Group Pty Ltd acted as joint lead managers for the placement.

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Tue, 02 Apr 2019 14:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217706/ausmex-raises-7-million-in-oversubscribed-placement-for-exploration-at-mt-freda-complex-217706.html
<![CDATA[News - Ausmex Mining identifies massive 2,000-metre-long conductive structure at Golden Mile Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/216440/ausmex-mining-identifies-massive-2000-metre-long-conductive-structure-at-golden-mile-gold-project-216440.html Ausmex Mining Group Ltd (ASX:AMG) has identified a massive 2,000-metre-long conductive structure in recent 3D modelling work at the Golden Mile Gold Project south east of Cloncurry, Queensland.

The company engaged GeoDiscovery Group to conduct geophysical processing and 3D modelling based on various geophysical data sets, including a detailed a detailed heli-sub audio magnetics (SAM) survey, detailed regional magnetic data and a versatile time domain electromagnetic (VTEM) survey.

The 3D model delineated a 2,000-metre strong conductive drill target up to 400 metres wide and ranging from about 200 to 500 metres in depth within its mining tenements, including the Golden Mile plunging south and extending under the Mt Freda mining lease.

 

Schematic geological interpretation of the large conductive structure

Next steps

A stage-two 3D modelling program is being designed to continue modelling the conductive structure further south to the Evening Star region.

Ausmex will begin a major deep (250 – 650 metre depth) 10,000-metre reverse circulation and diamond drilling program to test the 2,000-metre-long structure, with forward planning and rig contracting already underway.

Drilling will also continue within the company’s other major projects including the Trump, Evening Star and Golden Mile over the already identified and known oxide mineralisation prospects.

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Thu, 14 Mar 2019 16:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216440/ausmex-mining-identifies-massive-2000-metre-long-conductive-structure-at-golden-mile-gold-project-216440.html
<![CDATA[News - Ausmex Mining intersects more high-grade shallow gold at Golden Mile ]]> https://www.proactiveinvestors.com.au/companies/news/206535/ausmex-mining-intersects-more-high-grade-shallow-gold-at-golden-mile-206535.html Ausmex Mining Group Ltd (ASX:AMG) has received additional high-grade gold drilling results from the Comstock Gold reefs located within the Golden Mile Project in Queensland.

Reverse circulation (RC) drilling continues to intersect multiple shallow high-grade gold mineralised reefs extending the combined strike length to 8,000 metres.

Highlights from the latest results include 11 metres at 4.39 g/t gold from 21 metres and 12 metres at 5.00 g/t gold from 25 metres.

The Golden Mile Project forms part of the extensive Mt Freda Gold Complex that contains about 30% of a significant tier one IOCG target that is being drilled by Newcrest Mining Limited (ASX:NCM).

READ:  Ausmex Mining Group’s Burra project holds potential for world-class IOCG deposit according to AusLAMP study

Ausmex’s managing director Matt Morgan said: “Continuous high-grade gold drilling results at the Comstock Reefs further validates extending the drilling campaign as we unlock the previously hidden potential of The Golden Mile project which resides within the Mt Freda Complex.

“The drilling to date continues to extend the width and breadth of the project, with the Ausmex field team now identifying over 8,000 metres of mineralised reefs that are yet to be drilled.

Potential to host a significant mineralised system grows

"As the Golden Mile is located within a tier one IOCG target previously identified by Exco Resources Ltd in 2012, and now currently being drilled by Newcrest Mining Limited, the indicators are that Ausmex is holding a significant mineralised system within the Mt Freda Complex.

"As the scale of the Mt Freda Complex continues to increase, the potential to host significant shallow economic gold mineralisation dramatically increases.

“This combined with the option to process ore at the Round Oak Minerals Pty Limited processing facility in Cloncurry strengthens the potential for significant early cash flow for the company.”

Round Oak is subsidiary of Washington H. Soul Pattinson and Co. Ltd (ASX:SOL) and Ausmex’s 80:20 joint venture partner.

More drilling results expected from Mt Freda Complex

Morgan added: “The company plans to systematically drill out each individual historic reef system within the Golden Mile precinct, and continually define additional JORC mineral resource estimates.

“The company again has delivered great results for shareholders and with the current and planned drilling within The Mt Freda Complex, it is envisaged that additional results will continue well into the December quarter”.

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Mon, 08 Oct 2018 13:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206535/ausmex-mining-intersects-more-high-grade-shallow-gold-at-golden-mile-206535.html
<![CDATA[News - Ausmex Mining Group’s Burra project holds potential for world-class IOCG deposit according to AusLAMP study ]]> https://www.proactiveinvestors.com.au/companies/news/206354/ausmex-mining-groups-burra-project-holds-potential-for-world-class-iocg-deposit-according-to-auslamp-study-206354.html Ausmex Mining Group Ltd (ASX:AMG) has had the magnetotelluric (MT) anomaly beneath its Burra project area in South Australia validated by independent expert Professor Kenneth Collerson.

The anomaly was first identified by AusLAMP, the Australian Lithospheric Architecture Magnetotelluric Project, which allows geoscientists to understand the deep geology of the crust, including signatures of world-class mineral deposits.

The AusLAMP conductivity domain identified below Burra is similar in scale and character to the large anomaly below BHP’s Olympic Dam Mine and Collerson’s investigation likened Burra’s hydrothermal fluid compositions to that of Olympic Dam and the Idaho Cobalt Belt in the USA.

READ: Ausmex Mining Group celebrates Newcrest Mining’s drilling of share target discovered by Exco Resources

Ausmex managing director Matt Morgan said the company’s shareholders now had exposure to two world-class IOCG and rare earth element targets.

“One [is] associated with the Mt Freda Complex and currently being drilled by Newcrest Mining Limited (ASX:NCM).

“Now another huge 100-kilometre wide target previously identified under Burra by Geoscience Australia’s AusLAMP survey … has been confirmed by Professor Ken Collerson to have the potential to host mineralisation similar to the Jinchuan deposit.”

Morgan said he was not aware of any other ASX-listed junior mining company offering shareholders exposure to such a potential uplift in value via two world-class IOCG targets.

The Jinchuan deposit in China, the largest single magmatic sulphide deposit in the world, has 500 million tonnes grading at 1.2% nickel, 0.7% copper and 0.4 g/t platinum group elements.

READ: Ausmex Mining Group reports 12.01 g/t at Comstock gold mine joint venture in Queensland

As with Olympic Dam, the Burra anomaly is interpreted to image the metal migration region involved in the formation of the mineral system.

The company considers the area highly prospective for economic concentrations of cobalt and platinum group elements.

Morgan said: “Stage II data collection … commenced last week, with 3D modelling results due in early December 2018 that are aimed at identifying mineral pathways under Burra, similar to mineral pathways previously identified by MT surveys under Olympic Dam.”

He noted IOCG deposits are known to occur in clusters and, with Ausmex controlling 7,000 contiguous square kilometre around Burra, there was a chance the MT work would identify more than one prospect.

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Thu, 04 Oct 2018 02:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/206354/ausmex-mining-groups-burra-project-holds-potential-for-world-class-iocg-deposit-according-to-auslamp-study-206354.html
<![CDATA[News - Ausmex Mining Group celebrates Newcrest Mining’s drilling of shared target discovered by Exco Resources ]]> https://www.proactiveinvestors.com.au/companies/news/205844/ausmex-mining-group-celebrates-newcrest-minings-drilling-of-shared-target-discovered-by-exco-resources-205844.html Ausmex Mining Group Ltd (ASX:AMG) has highlighted mining major Newcrest Mining Limited (ASX: NCM) has started drilling a tier 1 iron oxide copper gold ore (IOCG) target adjacent to Queensland’s Mt Freda Complex and the anomaly extends into Ausmex tenements.

Sydney-based Ausmex controls the complex and Newcrest is drilling nearby as part of its newly-inked farm-in agreement with Washington H. Soul Pattinson and Co. Limited (ASX:SOL) delisted subsidiary Exco Resources Limited (ASX:EXS).

READ: Ausmex Mining Group survey to define targets at large conductive structure near Burra

Thirty per cent of Newcrest’s target is located on the complex Ausmex controls in Cloncurry district.

Exco was valued about $95 million when it was acquired by SOL in 2012, the year the subsidiary company discovered the large IOCG target near Queensland’s 1.5-kilometre wide and 1.8-kilometre long Golden Mile.

Newcrest is drilling at the Canteen project Exco discovered.

To the northwest of Canteen, the Mt Frieda 2.5-kilometre extension has returned outcropping gold on the surface grading up to 79.8 g/t gold.

READ: Ausmex Mining Group achieves high grades at historic Comstock mine on Golden Mile

Ausmex managing director Matt Morgan said: “The Ausmex team always suspected that we were sitting on a very large mineralised system at the Mt Freda Complex.

“To have this confirmed by a leading international mining house such as Newcrest Mining Limited, whom themselves have identified the Canteen project that adjoins the Mt Freda Complex as a tier 1 IOCG drilling target is exceptional.”

Morgan highlighted Ausmex controlled a “large area of shallow gold, copper, cobalt and rare earth element mineralisation associated with the IOCG alteration system”, in addition to 30% of the complex.

“This is the moment all junior listed companies wait for, the day a major starts drilling next door on a world-class target.

“For Ausmex shareholders to control one-third of this target is a wonderful outcome.”

Next steps

Mining Industry Consultants Hellman & Schofield are completing the final stages of a JORC resource for Mt Freda orebody.

Ausmex is continuing to drill the Golden Mile and Mt Freda Complex extensions.

The junior company hopes to define further shallow high-grade mineralisation with its efforts.

Ausmex holds a Golden Mile joint venture project in Queensland in an 80:20 joint venture with another of SOL’s subsidiaries, Round Oak Minerals Pty Ltd.

The Golden Mile is an area of extensive shallow gold, copper and cobalt mineralisation where Ausmex reverse circulation drilling recently returned up to 27.8 g/t gold.

Ausmex added 0.3 cents, or 7.69%, to 4.2 cents by market close today.

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Thu, 27 Sep 2018 04:08:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205844/ausmex-mining-group-celebrates-newcrest-minings-drilling-of-shared-target-discovered-by-exco-resources-205844.html
<![CDATA[News - Ausmex Mining Group reports 12.01 g/t at Comstock gold mine joint venture in Queensland ]]> https://www.proactiveinvestors.com.au/companies/news/204477/ausmex-mining-group-reports-1201-gt-at-comstock-gold-mine-joint-venture-in-queensland-204477.html Ausmex Mining Group Ltd (ASX:AMG) securities have gained 10.3% on reporting more high-grade gold reverse circulation (RC) drilling results from its Comstock gold mine joint venture project on Queensland’s Golden Mile.

Additional intersections such as 7 metres grading 7.6 g/t gold from 8 metres, including 3 metres at 12.01 g/t from 12m were returned from the drilling to extend the gold zone 25 metres north along a possible 6,000-metre strike length at the historic wartime mine.

READ: Ausmex Mining Group achieves high grades at historic Comstock mine on Golden Mile

Another hole returned 9m grading 2.40 g/t gold from 9 metres, including 4 metres at 4.50 g/t.

Ausmex holds the project in an 80:20 joint venture with Washington H. Soul Pattinson and Co. Ltd’s (ASX:SOL) subsidiary Round Oak Minerals Pty Ltd which was previously known as CopperChem Pty Ltd.

The company is preparing a maiden JORC gold-copper-cobalt mineral resource estimate for four zones spaced close together and in parallel along a potential 1,500-metre combined strike length at the Golden Mile.

Ausmex managing director Matt Morgan said: “The additional high-grade gold drilling results at the Comstock Project confirm the hidden potential of The Golden Mile precinct within the Mt Freda Complex.

“The company plans to systematically drill out each (individual) historic reef system within the Golden Mile precinct and continually define additional JORC mineral resource estimates.”

The company’s resource statements are expected to take in Comstock and other gold tenements the company holds along the Mt Freda Complex, Mt Freda Gold Mine, Drillers Hut, and the Canteen and Evening Star tenements.

READ: Ausmex Mining surges on bonanza gold and high-grade copper and cobalt at The Trump

Ausmex’s maiden RC campaign also returned a 12-metre intersection from Comstock prospect grading 2 g/t gold from 21 metres, including 3 metres at 3.40 g/t from 30 metres, a result reported 11 days ago.

Another drill result reported that day was: 8 metres grading 6.32 g/t gold from 8 metres, including 3 metres at 15 g/t gold from 13 metres; followed by 5 metres grading 8.81 g/t from 18 metres, including 3 metres at 13.91g/t from 19 metres in the same hole.

Comstock mine was shuttered in 1939, the year World War II began.

READ: Ausmex Mining Group identifies high-grade cobalt, copper and gold at Burra Project

Morgan highlighted the company’s option to process ore from the project at Round Oak’s Cloncurry processing facility opened “the potential for significant early cash flow for the company”.

Morgan tipped results would continue to be released into the December quarter.

The company’s securities were up 0.4 cents, or 10.26%, to 4.3c by late morning.

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Sun, 09 Sep 2018 21:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204477/ausmex-mining-group-reports-1201-gt-at-comstock-gold-mine-joint-venture-in-queensland-204477.html
<![CDATA[News - Ausmex Mining Group achieves high grades at historic Comstock mine on Golden Mile ]]> https://www.proactiveinvestors.com.au/companies/news/203846/ausmex-mining-group-achieves-high-grades-at-historic-comstock-mine-on-golden-mile-203846.html Ausmex Mining Group Ltd (ASX:AMG) has unveiled maiden reverse circulation (RC) drilling results from a campaign at its Comstock gold prospect at its Golden Mile joint venture project in Queensland.

The company holds the project in an 80:20 joint venture with Washington H. Soul Pattinson and Co. Ltd’s (ASX:SOL) subsidiary Round Oak Minerals Pty Ltd.

Ausmex Mining’s results for the maiden RC drill include: 8 metres grading 6.32 g/t gold from 8 metres, including 3 metres at 15 g/t gold from 13 metres; followed by 5 metres grading 8.81 g/t from 18 metres, including 3 metres at 13.91g/t from 19 metres in the same hole.

Another 12-metre intersection at Comstock prospect graded 2 g/t gold from 21 metres, including 3 metres at 3.40 g/t from 30 metres.

READ: Ausmex Mining Group surges on bonanza gold and high-grade copper and cobalt at the Trump mining lease

Comstock is located on the 1.5-kilometre wide and 1.8-kilometre long Golden Mile.

It is found at the site of the dormant Comstock gold mine where gold grading about 60 g/t was produced historically before the mine closed in 1939 during World War II.

Ausmex is working to produce a JORC-compliant gold-copper-cobalt resource statement for it and other gold tenements the company holds along the Mt Freda Complex.

These also include the Mt Freda Gold Mine, Drillers Hut, Canteen and Evening Star tenements.

Ausmex managing director Matt Morgan said: “The sheer scale of the Mt Freda Complex offers the potential to host a significant shallow economic mineralisation, the target of the current drilling program.

READ: Ausmex Mining Group identifies high-grade cobalt, copper and gold at Burra project

He said Ausmex had delivered great results for its investors this month and tipped positive results would continue into the last quarter of the year.

Morgan said: “With the current and planned drilling within the Mt Freda Complex and the Trump Mining Lease, it is envisaged that additional results will continue well into the December quarter.”

Earlier this week the company reported high-grade results from its wholly-owned Trump lease near Cloncurry in north Queensland, west of Golden Mile Project, such as 153 metres grading 1.02% copper and 1.43 g/t gold from surface, including 6 metres at 32.9 g/t gold and 4 metres at 42.9 g/t gold.

The company’s securities were 0.7c, or 15.91%, up to 5.1 just before 4pm.

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Thu, 30 Aug 2018 16:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203846/ausmex-mining-group-achieves-high-grades-at-historic-comstock-mine-on-golden-mile-203846.html
<![CDATA[News - Ausmex Mining surges on bonanza gold and high-grade copper and cobalt at The Trump ]]> https://www.proactiveinvestors.com.au/companies/news/203658/ausmex-mining-surges-on-bonanza-gold-and-high-grade-copper-and-cobalt-at-the-trump-203658.html Ausmex Mining Group Ltd (ASX:AMG) surged 135% after revealing high-grade copper and cobalt along with bonanza-grade gold in results from The Trump project near Cloncurry in north Queensland.

Reverse circulation (RC) drilling has returned assays of up to 172 g/t gold, 2.51% copper and 1,555 ppm cobalt.

Results spark investor interest

This prompted shares to jump to 8 cents late morning and in mid-afternoon Ausmex was still trading up 71% at 5.8 cents on strong volume of more than 18 million.

Following successful maiden drilling at The Trump, the company has completed an additional two RC holes.

One hole returned a continuous 153 metre mineralised intersection from surface at 1.02% copper and 1.43 g/t gold with an additional 7-metre zone of 1,555 ppm cobalt from a depth of 135 metres.

This hole included 3 metres at 2.33% copper from 0 metres, 2 metres at 2.42% from 41 metres and 5 metres at 2.51% from 50 metres.

Bonanza-grade gold

Bonanza gold grades were also intersected with grades of up to 172 g/t, including a 6-metre gold zone within oxide material from 75 metres averaging over 1 ounce per tonne.

A second hole has confirmed the extension of mineralisation to the west with a 157-metre intersection at 0.67% copper.

Within this were 7 metres at 1.01% copper from 5 metres; 43 metres at 1.03% from 25 metres, including 3 metres at 2.03% from 33 metres and 4 metres at 2.04% from 53 metres; and 27 metres at 1.03% copper from 111 metres, including 7 metres at 2.01% from 117.

READ: Ausmex Mining Group identifies high-grade cobalt, copper and gold at Burra project

Ausmex managing director Matt Morgan said, “A continuous 153 metres intersection from surface that grades 1.02% copper and 1.43 g/t gold is a remarkable result.

“Bonanza gold grades with a 6-metre intersection that assays over 1 ounce of gold, plus high-grade cobalt intersections of 7 metres at 1,555ppm highlight the Trump Mining Lease has the potential to host a significant and valuable economic deposit.

“The project has an excellent location adjacent to road and rail infrastructure and within trucking distance to multiple ore processing facilities.

“The Ausmex team has displayed the ability to identify underexplored and undervalued projects, adding considerable value for shareholders.

Additional drilling planned

“The company plans additional drilling for The Trump project, following current drilling within the Mt Freda Gold Complex at Cloncurry.”

Drilling has started on the 80%-owned Golden Mile gold prospect which forms part of the Mt Freda project.

A 2,500-metre RC drill program has started on five parallel historically high-grade producing mines within a 300-metre wide zone, with historical production grades of 2 and 3 ounces gold per tonne.

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Tue, 28 Aug 2018 15:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203658/ausmex-mining-surges-on-bonanza-gold-and-high-grade-copper-and-cobalt-at-the-trump-203658.html
<![CDATA[News - Ausmex Mining Group identifies high-grade cobalt, copper and gold at Burra project ]]> https://www.proactiveinvestors.com.au/companies/news/201106/ausmex-mining-group-identifies-high-grade-cobalt-copper-and-gold-at-burra-project-201106.html Ausmex Mining Group Ltd (ASX:AMG) has returned high grades in rock chip samples from reconnaissance field work at its Burra project in South Australia’s mid-north.

Historical drilling at the Princess Royal prospect focused on copper mineralisation with no assaying for cobalt and limited assaying for gold.

READ: Ausmex Mining Group survey to define targets at large conductive structure near Burra

Cobalt up to 3,570ppm, or 0.357%, was assayed from Ausmex’s rock chip analysis, as well as 6.9 g/t gold and 25% copper.

The sampling program collected 99 surface rock chip samples over a strike length of around 2.5 kilometres, with 25 samples returning greater than 510ppm cobalt.

Assays have also highlighted the prospectivity for copper and gold mineralisation to the north of the tenement, particularly along an eastern thrust faulted contact.

Ausmex believes this contact has a significant control on mineralisation in the area.

Maiden drilling program planned

Ausmex managing director Matt Morgan said the company was pleased with the high-grade rock chips and what it meant for the overall cobalt prospectivity of the district.

He said: “We now have a potential 30-kilometre corridor of cobalt, copper and gold mineralisation at Burra.

“[This confirms] the company’s belief that the area is highly prospective for economic mineralisation yet has been previously underexplored.

“This is a very exciting time for the company and shareholders, with a maiden reverse circulation drilling program being planned to target high-grade cobalt, plus an additional potential 30 kilometres of highly prospective mineralised ground to explore.”

Ausmex expects to commence a six-hole, 1,000-metre results-based drill program at the Burra project in August.

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Thu, 19 Jul 2018 01:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201106/ausmex-mining-group-identifies-high-grade-cobalt-copper-and-gold-at-burra-project-201106.html
<![CDATA[News - Ausmex Mining Group survey to define targets at large conductive structure near Burra ]]> https://www.proactiveinvestors.com.au/companies/news/199458/ausmex-mining-group-survey-to-define-targets-at-large-conductive-structure-near-burra-199458.html Ausmex Mining Group Ltd (ASX:AMG) has started a Magnetotelluric (MT) Geophysical Survey over a large conductive structure near the historic mining centre of Burra in South Australia’s mid-north.

The purpose of the survey at 10 kilometre spacing within the 6,364 square kilometre area is to define shallow mineralisation that can be the subject of a drilling program.

It is being carried out by Ausmex in collaboration with the University of Adelaide and others.

Significant discovery

Earlier this year Ausmex announced that an exploration program conducted by Geoscience Australia over the company’s South Australian tenements had made a significant discovery.

This was the result of an MT survey by AusLAMP, Geoscience Australia, Geological Survey of South Australia and the Department of Earth Science at the University of Adelaide (UoA).

The MT program identified a large conductive structure within the Ausmex controlled ground.

Similar features to Olympic Dam

This structure’s signature shares similar features with the AusLAMP’s signature below the IOCG deposit at BHP Billiton Limited’s (ASX:BHP) Olympic Dam, both within the highly prospective G2 corridor.

The new MT stage I survey is aimed at defining targets for future drilling programs in a 4,379 square kilometre area and to test mineral pathways originating from the AusLAMP discovered structure.

The large conductive structure (in red) below Ausmex’s tenement suite at Burra.

A stage II program will cover a further 1,985 square kilometres.

READ: Ausmex Mining Group confirms surface cobalt mineralisation at Willalo

Ausmex and the university have completed 31 of the 95 sites with the work progressing well and on schedule.

The company has already received approaches from a number of interested major national and international mining companies based on results to date at Burra.

However, it has elected to carry out the forward MT and drilling programs alone until it can determine the magnitude of what it may discover.

Ausmex is well funded with zero debt and in a position to take this project and others to the next level before considering any joint ventures or partnerships.

Historic copper mining region

The Burra region became well known from the 1840s to the early 20th century with all discoveries and exploration based on outcropping structures.

However, Ausmex has always believed that the Burra region is actually substantially under-explored.

Managing director Matt Morgan said: “We have a large conductive structure deep below Burra and we have outcropping mineralisation in every EL in and around Burra.

“This program is designed to connect those features and to identify shallower conductive structures which, given the nature of what Ausmex sees around the district, may be a large IOCG or similar target.”

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Mon, 25 Jun 2018 16:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199458/ausmex-mining-group-survey-to-define-targets-at-large-conductive-structure-near-burra-199458.html
<![CDATA[News - Ausmex Mining Group confirms surface cobalt mineralisation at Willalo ]]> https://www.proactiveinvestors.com.au/companies/news/196468/ausmex-mining-group-confirms-surface-cobalt-mineralisation-at-willalo-196468.html Ausmex Mining Group Ltd (ASX:AMG) has confirmed a strike length of about 2.3 kilometres of anomalous high-grade cobalt at the Willalo cobalt prospect in Burra, South Australia.

The company’s second-stage field work produced nineteen additional high-grade outcropping rock chip samples that averaged 2,554 ppm cobalt.

Ausmex controls 4,893 square kilometres of the highly prospective underexplored Burra cobalt-copper-gold belt that includes the recently revealed large conductive target by Geoscience Australia.

High-grade cobalt mineralisation remains open to the north and south

To date, 27 high-grade cobalt samples from a total of 45 collected during stage one and two produced an average of 3,014 ppm cobalt, including assays up to 6,920 ppm cobalt.

Furthermore, Ausmex’s rock chip sampling and soil analysis has confirmed that the high-grade cobalt mineralisation remains open to the north and south.

Based on the cobalt results till date, the company is currently planning a maiden 2,000-metre drilling program at the Willalo prospect to commence in June 2018.

Well-funded for exploration

Ausmex managing director Matt Morgan said: “These latest results confirm that this zone of mineralisation has the potential to be one of South Australia’s first “stand alone” cobalt discoveries with significant scale.

“The company and its SA geological consultants are currently in the field testing for possible parallel structures and additional extensions.

“With the additional funding of $2.5 million cash from the recent stockpile sale at Cloncurry, combined with high-grade cobalt drill targets at Willalo and further high-grade drill ready cobalt, copper and gold targets in Cloncurry, the next six months may prove very exciting for Ausmex Shareholders”.

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Mon, 07 May 2018 15:13:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196468/ausmex-mining-group-confirms-surface-cobalt-mineralisation-at-willalo-196468.html
<![CDATA[News - Ausmex Mining Group hits high grade copper in first drilling at Joker ]]> https://www.proactiveinvestors.com.au/companies/news/190278/ausmex-mining-group-hits-high-grade-copper-in-first-drilling-at-joker-190278.html Ausmex Mining Group Ltd (ASX:AMG) has had high grade copper hits from a maiden drilling program at the Joker project in northwest Queensland.

The reverse circulation drilling returned results of up to 9 metres at 2.03% copper and 17.51 g/t silver from 70 metres, including 1 metre grading 8.01% copper and 66.7 g/t silver.

Eight of nine holes at Joker and Joker West prospects intersected high grade copper.

High grade copper results

Other strong results were 6 metres at 2.0% copper and 4.93 g/t silver from 66 metres; 3 metres at 2.21% copper from 11 metres, including 1 metre at 5.11%; and 4 metres at 2.41% copper and 5.45 g/t silver from 37 metres.

The results have prompted Ausmex to decide on a phase II drilling program to expand the footprint.

Follow-up drilling targeting the open mineralisation is considered a high priority for early 2018.

Mineralisation at the Joker prospects extends from the surface and remains open at depth and along strike.

Parallel structures identified

Additional parallel structures have recently been identified which present further untested high grade drilling targets.

The prospects are circa 10 kilometres from Ausmex’s Mt Freda Gold-Copper-Cobalt Project and circa 15 kilometres from its Gilded Rose Gold Project, all in the Cloncurry region.

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Fri, 19 Jan 2018 14:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190278/ausmex-mining-group-hits-high-grade-copper-in-first-drilling-at-joker-190278.html